Dermata Therapeutics, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes

		Years Ended December 31,
(in thousands)		2023				2022
U.S. Federal statutory income tax rate		$	(1,637	)		$	(2,018	)
Permanent and other differences			55				68
Stock-based compensation expense			86				89
Research and development credits			(259	)			(219	)
Valuation allowance			1,755				2,080
Total tax provision		$	-			$	-

Schedule of net deferred tax assets

		As of December 31,
(in thousands)		2023				2022
Net operating loss carryforwards		$	2,980			$	1,927
Research and development carryforwards			596				337
Capitalized research and development			1,508				1,068
Stock-based compensation expense			246				311
Intangible assets			5				49
Other, net			129				17
Gross deferred tax assets			5,464				3,709
Less: valuation allowance			(5,464	)			(3,709	)
Total deferred tax assets		$	-			$	-

Schedule of unrecognized tax benefits

		Years Ended December 31,
(in thousands)		2023				2022
Beginning balance of unrecognized tax benefits		$	557			$	41
Additions based on tax positions related to the current year			64				81
Additions for tax positions of prior years			24				435
Reductions for tax positions in prior years			-				-
Ending balance of unrecognized tax benefits		$	645			$	557